The following information is provided for Kelly Plumbing Supply Cash received from customers during Decenber 2017...

Question:

The following information is provided for Kelly Plumbing Supply Cash received from customers during Decenber 2017 Cash paid to suppliers for inventory during December 2017 . $387,000 131,000 Cash received from customers includes all$139,000 of the accounts receivable that were outstanding at November 30, 2017 Accounts recelvable at December 31, 2017 totaled $141.000. Accounts payable (to suppliers of inventory) decreased by$19,000 from November 30, 2017 to December 31, 2017. The balance in the inventory account decreased by $39,000 over the same period. Required What is gross profit for the month of December under accrual accounting? On September 1,2017, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale would occur on March 31, 2018, at an estimated gain of$375,000. The segment had actual and estimated operating profits (losses) as ollows: Realized loss from 1/1/17 to 8/31/17 Realized loss from 9/1/17 to 12/31/17 Expected profit from 1/1/18 to 3/30/18 (300,000) (200,000) 400,000 The expected profit from 1/1/18 to 3/30/18 was based on Revsine's expectations as of 12/31nz Assume the marginal tax rate is 30%. Required: In its 2017 income statement, what should Revsine report as profit or loss from discontinued operations (net of tax effects)?

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